Men work on a construction site for a luxury apartment complex in downtown Los Angeles, California March 17, 2015. (Photo: Reuters)
The U.S. Census Bureau said Monday construction spending was estimated at a seasonally adjusted annual rate of $1,218.3 billion, a solid 0.5% (±1.3%) from July. The median economic forecast called for a 0.3% gain.
The August figure is 2.5% (±1.8%) above the August 2016 estimate of $1,189.1 billion. During the first 8 months of this year, construction spending amounted to $806.2 billion, 4.7% (±1.3%) above the $769.9 billion for the same period in 2016.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $954.8 billion, 0.4% (±1.2%)* above the revised July estimate of $950.5 billion. Residential construction was at a seasonally adjusted annual rate of $520.9 billion in August, 0.4% (±1.3%)* above the revised July estimate of $518.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $433.9 billion in August, 0.5% (± 1.2%)* above the revised July estimate of $432.0 billion.
Public Construction
n August, the estimated seasonally adjusted annual rate of public construction spending was $263.5 billion, 0.7% (±2.3%)* above the revised July estimate of $261.7 billion. Educational construction was at a seasonally adjusted annual rate of $67.3 billion, 3.5% (±3.9%)* above the revised July estimate of $65.0 billion. Highway construction was at a seasonally adjusted annual rate of $81.9 billion, 1.3% (±5.1%)* below the revised July estimate of $83.0 billion.
